NORWAY: Consumer Confidence Falls In Oct, But Details Less Weak
Oct-31 09:18
"*NORWAY OCTOBER OPINION CONSUMER CONFIDENCE FALLS TO -14.4" Bloomberg
Down from -11.7 last month for the lowest since April. However, details suggest consumer's views of their own economic situation remain broadly stable.
From the press release:
- "Of the four indicators that make up the consumer confidence index, it is the indicator that says something about confidence in the country's economy in 12 months, compared to today, that has decreased significantly from September to October".
- "The indicators related to the household economy today,
compared to a year ago, confidence in the household economy in 12 months and purchases of major consumer goods in the coming 12 months, have remained more stable"
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EUROPEAN INFLATION: HICP broadly in line with consensus: The breakdown
Oct-01 09:08
- Eurozone HICP came in at a little below the MNI tracking of 2.3% with 2-way risks at 2.23%Y/Y, but broadly in line with the market consensus.
- Core and services both rounded down to consensus expectations, although core at 2.35%Y/Y was almost 2.4%.
- It appears as though FAT (food, alcohol and tobacco) is the only notably surprise, coming in softer than expected at 3.04%Y/Y (down from 3.19%Y/Y where it was expected to remain).
- No substantial market reaction, given that the data was broadly in line with expectations.
SWITZERLAND DATA: August Retail Sales Weak But Broader Picture Solid So Far
Oct-01 09:06
Swiss (real) retail sales were rather weak in August on a sequential comparison, at -0.2% M/M.
- Looking at the drivers of the release shows that weakness was centred in the "remaining" category (which contains a lot of durable goods, table below). The August data was the first incorporating the 39% US tariffs levied on Swiss goods. The question is if this filtered through to consumer scepticism here already.
- However, on a broader 3-month moving average of the Y/Y measure, Swiss retail sales continue to grow around their long term average rate, at a current 1.5% (1.6% July).
- This means the big picture is that the Swiss consumer overall continues to screen healthy. However, we watch for potential signs of a cooling of the propensity to consume going forward.
EGB FUNDING UPDATE: Ireland To Hold 1 Bond Auction In Q4
Oct-01 09:04
- NTMA has confirmed that it will hold one auction in Q4-25, on Thursday 9 October. Details will be confirmed on Monday 6 October.
- We had pencilled in 0-1 auctions, but think that the market was looking for no more auctions this year given that the NTMA did not hold any auctions in Q4 in each of 2022, 2023 and 2024 after reaching the bottom of the funding target range.
